FM Sitharaman first presented the New Tax Regime in her Budget speech on February 1, 2020. This alternative option for personal income tax was designed to be "simplified" with notably lower tax rates.

As the Union Budget 2025-26 draws near, discussions intensify on simplifying India's tax system. Industry bodies, including the Federation of Indian Chambers of Commerce and Industry (FICCI), have shared their recommendations with Finance Minister Nirmala Sitharaman,

The Union Budget 2025 will be presented on February 1st 2025, at the traditional time of 11:00 AM IST. This is going to be the eighth consecutive budget by Finance Minister Nirmala Sitharaman, who has presented six full budgets and two interim ones.

The convention of presenting the Union Budget on February 1 was started by then Finance Minister Arun Jaitley in 2017.